201 Mullica Hill Road
Glassboro, NJ 08028
Phone / 856.256.4150
Fax / 856.256.4477
Email / firstname.lastname@example.org
8:00am - 4:30pm
Monday - Friday
Most Wednesdays until 6:00pm
8:00am - 4:30pm
Monday - Friday
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American Opportunity & Lifetime Learning Tax Credit Info
The American Opportunity Credit takes the place of the HOPE Credit. The HOPE credit is for tax years 2008 and prior. The Lifetime Learning Tax Credit remains.
IRS Publication 970, Tax Benefits for Higher Education will assist taxpayers in determining their eligibility for the tax credits. You may obtain this Publication from any IRS office, or download it from the Internet at www.irs.gov/forms_pubs/pubs/p970toc.htm. The IRS addresses specific questions that taxpayers may have concerning their eligibility for the tax credits at http://www.irs.gov/newsroom/article/0,,id=213044,00.html.
In addition, if you have not supplied your social security number to Rowan University, please complete the IRS FORM W-9S part 1, which can be found at http://www.irs.gov/pub/irs-pdf/fw9s.pdf.
Form 1098T will be mailed to students by Jan. 31st, unless the student has opted to receive this form electronically. It is informational only. It alerts the student that they may be eligible for federal income tax education credits.
The college provides in Box 2 the tuition and fees that were billed to you and qualify as tuition/fee expenses. IRS education credits are based on amounts paid by you, not billed to you. To determine the amount of qualified tuition and fees paid, and the amount of scholarships and grants received, a taxpayer should use their own financial records.
1098-T Frequently Asked Questions
Question: What is a 1098-T?
Answer: 1098-T form is the information return that colleges and universities are required to issue for the purpose of determining a student's eligibility for the American Opportunity Credit and Lifetime Learning education tax credits. Rowan University reports charges for amounts billed for qualified tuition and related expenses, prior year adjustments, and grants and scholarships.
Question: How may I obtain a copy of my 1098-T?
Answer: You can sign up to receive your 1098-T electronically by going to www.rowan.edu/epay. Log in using your Rowan ID and PIN. Select “My Account,” then select “Agreements,” then “Change.” A “Paperless 1098-T Option” message will appear with an option for consent. By clicking on “Accept Consent,” students state their intent to receive their 1098-T form every year they attend Rowan University, and it is on this site that students can print, e-mail or save their 1098-T form.
Students can also access their 1098-T via Student Self-Service (www.rowan.edu/selfservice). Select “Access Banner Services.” Enter your Rowan ID and PIN. Select “Bursar Services.” Select “1098-T Form." Enter tax year as "2015." Click "Submit."
Question: Can I get a copy of a prior year's 1098-T?
Answer: Yes. To access a prior year 1098-T Tax Form online, go to www.rowan.edu/selfservice.
Select “Access Banner Services.” Enter your Rowan ID and PIN. Select “Bursar Services.” Select “1098-T Form.” Enter appropriate tax year. Click "Submit."
Question: Did you send a copy of this form to the Interal Revenue Service (IRS)?
Answer: Yes, being that Section 6050S of the Internal Revenue Code, as enacted by the Taxpayer Relief Act of 1997, requires institutions to file information returns to assist taxpayers and the IRS in determining eligibility for the American Opportunity Credit and Lifetime Learning education tax credits. The annual deadline for the University to file the required tax information electronically is April 2, although data may be transmitted earlier as circumstances allow.
Question: What am I supposed to do with the 1098-T form?
Answer: We advise that you keep it for your records. Since the University sends your 1098-T information to the IRS, there is no need to attach a copy of the form to your tax return. The information contained in the 1098-T will help you to determine if you may claim the eligible education credits using IRS Form 8863.
Question: The Social Security Number (SSN) on my form is missing or incorrect. What should I do?
Answer: Reporting to the IRS depends primarily on your SSN, so it is very important for you to have the correct information on file with the University. Please complete a W-9 form and submit it to the Office of the Bursar. Upon receipt of your communication, we will provide you with an updated copy of your 1098T within 10 business days. The annual deadline for University to file 1098-T tax information electronically with the IRS is February 12, although data may be transmitted earlier as circumstances allow. Please make sure any updates are completed before mid-March to promote accurate filing.
Question: The name on my form is incorrect. What should I do?
Answer: Your name is a key element of your tax information, so be sure to submit changes to the University as soon as possible. All name changes are handled by the Office of the Registrar. After your name has been updated, please contact us at email@example.com or (856) 256-4150.
Question: What does an amount in Box 2 mean?
Answer: Box 2 represents the amount billed for qualified tuition and related expenses. The amount reported is the total amount billed less any reductions in charges made during the calendar year that relate to the amounts billed for qualified tuition related expenses during the same calendar year. The amount reported is not reduced by scholarships and grants reported in box 5.
Question: Why are Boxes 1, 3, 9. And 10 blank?
Answer: These boxes are blank because the information is not applicable to the University as the filer of your 1098-T.
- Box 1 ("Payments received for qualified tuition and related expenses") is blank because Rowan University reports "Amounts billed" instead. The IRS provides the option for schools to report either "Payments received" in Box 1, or "Amounts billed" in Box 2, but not both.
- Box 3 ("Check if you have changed your reporting method for 2011") is blank because Rowan University has not changed its reporting method from a previous tax year, and continues to report "Amounts billed," not "Payments received."
- Box 9 Graduate-level courses, since Rowan University does not offer post-bachelors level courses this box is blank.
- Box 10 ("Ins. Contract reimb./refund") is blank because Rowan University is not an insurer.
Question: What does an amount in Box 4 mean?
Answer: Box 4 ("Adjustments made for a prior year") shows any refunds during the current year for amounts billed of "qualified tuition and related expenses" reported on a 1098-T for a prior tax year.
Question: What does an amount in Box 5 mean?
Answer: Box 5 ("Scholarships or grants") shows the net amount of certain forms of educational assistance that were received or applied to your student account during the tax year (January - December), regardless of the quarter for which the funds originally were intended. For example, if you received a check for Fall 2011 Pell Grant in 2011, the amount of the check would be added into Box 5. Note that the amount in Box 5 may include fee payments and other credits, as well as checks. Any subsequent adjustments or reductions to educational assistance that occurred in the same tax year are summed into the amount. The net amount is sent to the IRS.
The IRS states that there is "no double benefit allowed." This means that if you pay tuition with certain forms of educational assistance, on which you do not pay taxes, you must reduce any education credit you claim by those amounts. See "No Double Benefit Allowed" in Chapter 2 (American Opportunity Credit), or "No Double Benefit Allowed" in Chapter 3 (Lifetime Learning Credit) of Publication 970: Tax Benefits for Education for more information. Reportable forms of education assistance are not limited strictly to scholarships and grants, but may include funds received from employers or sponsors.
Question: What does an amount in Box 6 mean?
Answer: Box 6 ("Adjustments to Scholarships or grants for a prior year") shows an amount if "scholarships or grants" that were reported on a 1098-T for a prior year were subsequently adjusted or reduced in the current tax year. For example, if you received Fall 2010 Pell Grant in September 2010, it would be reported as "scholarships or grants" on your 1098-T for 2010. If the grant amount later was adjusted or reduced in January 2011, and the charge to your student account was paid, the amount cannot be summed into Box 5. It must be reported separately in Box 6 for tax year 2011.
Question: What does the check mark in Box 7 mean?
Answer: Box 7, if checked, indicates that "Amounts billed" in Box 2 include "Pre-billed tuition and related expenses". These fees are those billed during the tax year for a quarter beginning in the first three (3) months of the following tax year.
Question: What does the check mark in Box 8 mean?
Answer: Box 8, if checked, indicates that you were considered to be "enrolled at least half-time" for one or more quarters during the tax year. At Rowan University, "at least half-time" means that you were enrolled in 6 or more units for any term.
In order to claim the American Opportunity Credit, a student must be enrolled at least half-time in a program that leads to a degree, certificate, or other recognized educational credential for at least one academic period beginning during the tax year. (See "Who is eligible” in IRS Publication 970: Tax Benefits for Education for more information.) Note that a check mark does not guarantee your ability to claim the American Opportunity Credit, as additional eligibility requirements must be met. Also note that the workload requirement does not apply to the Lifetime Learning Credit, which is allowed for any level of enrollment.
NOTE: The information provided here is NOT tax advice. It is offered only as general information for Rowan University students and their families. Please consult a qualified tax expert for advice on computing, claiming, or determining qualification for any tax benefit.